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Futures, E – Mini S&P 500, July 11, 2014

Updated on July 11, 2014

5 minutes chart

E-Mini S and P 500

July 11th, 2014

09:30.

The market opened with the fade as usual, since the prices were in a downtrend during premarket hours, the opening was countered by the bulls in bar one.

Prices quickly regain the downtrend momentum by the Bears in bar number two and took prices all the way to the low of bar four. Here, the algorithmic probability of price action called for a run by the Bulls from the low bar four.

10:30

The counter move by the Bulls, took prices above the moving average and reached a new call by the algorithmic probability of price action for a run by the Bears. Here once again prices went below the moving average to the low of bar 15 where once again the algorithmic probability of price action called for a run by the Bulls.

11:00.

The market finds itself in a two-sided trading pattern; inertia at this point is unclear.

The Bears try to take direction of the market between bars 21 and 23 where support was found with prices moving higher from bars 24 to 25.

11:30.

Market fluctuated downward from bars 26 to 30 with more signs of support.

The market is in a clear trading range; more information is needed in order to determine a sound strategy.

12:00.

Fluctuations between bulls and bears remains constant, more information is needed.

12:30.

Market is a trading range, thus, participants wait for the others to make a move. Perhaps a speech at the 2 o'clock hour will stimulate more active trading.

12:45.

Market remains with uncertainty, thus, direction remains elusive.

13:00.

The Bulls have stated the initiative with bar 41 closing at its high. The Bulls regained the initiative, bar 43 proves this premise closing on its high. The market is always in long. Algorithmic probability of price action calls for a run by the Bears from the high of bar 44. Inertia remains with the Bulls. Conservative traders would look to reengage in long positions at the moving average.

13:15.

Inertia strongly lines with the Bulls. Higher prices are imminent, not clear signs of resistance through the way to the top of bar 47. A sensible strategy is to buy pullbacks.

13:30.

Support awaits the market at the moving average or near it, if bar 49 closes near its low, new Bulls await to reengage near the moving average.

13:45.

Prices approached the moving average were support was found in the form of new long positions. This was expected given that inertia lies with the Bulls.

14:00.

The market displays two-sided trading but inertia remains of the Bulls. At this time a speaker with market influencing comments takes the stage.

14:15.

Signs of resistance are evident with bar 57 and 58; two-sided trading is more likely within the next few bars. Inertia remains with the Bulls.

14:30.

Buying pullbacks as being the strategy for market participants in the past hour. Prices have reached the target line noted by a measure move. Algorithmic probability of price action calls for a run by the Bears from the high bar 62.

At these price levels we could be looking the resistance of the day. Inertia lies with the Bulls, thus higher prices remain probable.

14:45.

The Bulls appeared to buy every pullback, thus, look for buying the support of the moving average, above or below. Take note that prices have not touched the movie average for over the past 20 bars. This is a clear sign of buying pressure; therefore, inertia strongly lies with the Bulls.

14:55.

Algorithmic probability of price action calls for a run by the Bulls from the low bar 66. Moreover, this takes place at the moving average where bulls are buying pullbacks. Additionally, is the first low to reach the moving average in the past two hours. Inertia remains the bulls.

15:00.

The bottom tail in bar 67 states the previous premise, however, there has been a significant amount of selling pressure from bar 62 to bar 67. Thus, the heated debate between bulls and bears is taking place. Two-sided trading is more likely within the next few bars. Inertia appears to be fluctuating at this time.

15:15.

Inertia appears with the Bears. However, more information is needed to declare the market always in short. Two-sided trading it will be the prevalent behavior.

The closing of bar 70 will be a telling sign of what's to come. Algorithmic probability of price action calls for a run by the Bears from its high.

15:20.

With bar 70 closed near its high the Bulls may have one final push, if or when, the market corrects. Certainly, inertia has stalled for the Bulls.

15:25.

The market is trying to make a double top from which to draw a possible downturn.

15:30.

Inertia has regained one more push for the Bulls. Market is making new highs; and a double top has been created with bar 72. Although, closing on its high states the strength of the longs.

5 minute chart

15 minute chart

Market close

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